Guest Nicka4 Posted August 16, 2011 Share Posted August 16, 2011 We've been living in Australia for 5 plus years. We have a small endowment policy that's maturing soon in the UK that has a massive shortfall that was supposed to pay some of the mortgage off. If it gets paid into our UK bank account, will it get taxed by the ATO? Does it have to be declared? Cheers Nick Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted August 24, 2011 Share Posted August 24, 2011 Hi Nick, welcome to the forum, I will move your post in to the finance section as you may get more replies x Link to comment Share on other sites More sharing options...
Guest webster Posted August 25, 2011 Share Posted August 25, 2011 Hi Nicka4, I passed your question onto my boss as its an unusual question. The response I got was: I am not sure off the top of my head how ATO would treat an endowment – I suspect it would get picked-up under the capital gains tax legislation in which case it would only be any growth since they became resident in Australia that would be taxed but given it is not a common vehicle in Australia I would have to do a bit of research to find the answer. If I get any more info on it I will let you know. Hope this helps a little. Link to comment Share on other sites More sharing options...
Alan Collett Posted August 25, 2011 Share Posted August 25, 2011 http://www.ato.gov.au/corporate/content.aspx?doc=/rba/content/90786.htm http://law.ato.gov.au/atolaw/view.htm?locid=%27ITR/IT2504/NAT/ATO%27&PiT=99991231235958 The above might get you started - but please recognise that Private Rulings are specific to the taxpayer that applied for it. Best regards. Link to comment Share on other sites More sharing options...
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